ED Bhubaneswar Seizes Rs 1.39 Crore Unaccounted Cash in Real Estate Firm Raids
The Enforcement Directorate (ED) in Bhubaneswar has seized Rs 1.39 crore in unaccounted cash during raids on properties linked to a local real estate firm and other entities at multiple locations.
Ed BhubaneswarReal Estate FirmUnaccounted CashZeplFemaReal EstateNov 25, 2024
The ED, in its official statement, confirmed that the raids were conducted under the provisions of the Foreign Exchange Management Act (FEMA), 1999. Besides the unaccounted cash, several incriminating documents were also seized, which are expected to provide valuable insights into the financial activities of the firm.
“ED, Bhubaneswar has conducted search operations at 9 locations in Odisha, Delhi, and Gurugram. These operations were conducted under the provisions of FEMA, 1999 in connection with an investigation being carried out against Z Estates Private Limited (ZEPL) and others. During the search operations, unaccounted cash amounting to Rs 1.39 crore and various incriminating documents have been recovered and seized,” read the post of the ED.
The Enforcement Directorate is a premier financial intelligence and law enforcement agency in India, tasked with investigating cases of money laundering and financial crimes. The recent raids on Z Estates Private Limited (ZEPL) and other entities are part of a broader effort to combat financial irregularities and ensure compliance with financial regulations.
The seized cash and documents are expected to provide crucial evidence in the ongoing investigation, which is likely to have far-reaching implications for the real estate sector in Bhubaneswar and beyond. The ED is known for its rigorous and thorough investigations, and the findings from these raids could lead to more stringent measures to prevent financial malpractices in the future.
Frequently Asked Questions
What is the Enforcement Directorate (ED)?
The Enforcement Directorate (ED) is a premier financial intelligence and law enforcement agency in India, primarily responsible for investigating cases of money laundering and financial crimes.
How much unaccounted cash was seized by the ED in Bhubaneswar?
The ED seized Rs 1.39 crore in unaccounted cash during the raids on properties linked to a Bhubaneswar-based real estate firm and other entities.
Where were the raids conducted?
The raids were conducted at nine different locations across Odisha, Delhi, and Gurugram.
What is the name of the real estate firm involved in the raids?
The real estate firm involved in the raids is Z Estates Private Limited (ZEPL).
Under which act were the raids conducted?
The raids were conducted under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
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